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Record journal entry for declaration of total dividends

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For the year ended December 31, 2018, the Company declared 1,774,050 million of dividends (for the year ended December 31, 2017, 1,165,659 million) to related parties. As at December 31, 2018 and 2017, there are no unpaid dividends to related parties. Also, for the year ended December 31, 2018, the Company declared 135,642 million of dividends (for the year ended December 31, 2017, 90,034 million) to the entities that are not related parties of the Company in accordance with Korean IFRS 1024, but belong to the same conglomerate according to the Monopoly Regulation and Fair Trade Act. As at December 31, 2018 and 2017, there are no unpaid dividends to these entities.

Question (a) Assume that declaration and payment of cash dividends are separate journal entries. Record the journal entry for declaration of total dividends for the year. 

Question (b) Assume that on Jan I. 2019. Samsung issues 10 million new ordinary shares to an investor in exchange for land, which appraisers stated the fair market value as KRW 9 billion. Record the journal entry in KRW millions.

Reference no: EM132493183

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